Risk Concentrations |
6 Months Ended |
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Jun. 30, 2026 | |
| Risk Concentrations | |
| Risk Concentrations | Note 13 — Risk Concentrations Customer Concentrations During the three months ended June 30, 2026, three customers accounted for approximately 37%, 15%, and 12%, respectively, of the Company’s consolidated revenues. These customers contributed 60% of the revenue for high specification rigs, 36% for wireline services, and 65% for processing solutions and ancillary services. During the six months ended June 30, 2026, three customers accounted for approximately 38%, 16%, and 11%, respectively, of the Company’s consolidated revenues. These customers contributed 60% of the revenue for high specification rigs, 34% for wireline services, and 71% for processing solutions and ancillary services. As of June 30, 2026, approximately 69% of the net accounts receivable balance, in aggregate, was due from these customers. The majority of our trade receivables generally have payment terms ranging from 30 to 60 days.. As of June 30, 2026, the top three trade receivable balances represented approximately 47%, 16%, and 6%, respectively, of consolidated net accounts receivable. Within our High Specification Rigs segment, the top three trade receivable balances represented 54%, 15%, and 5%, respectively, of total High Specification Rigs net accounts receivable. Within our Wireline Services segment, the top three trade receivable balances represented 28%, 25%, and 18%, respectively, of total Wireline Services net accounts receivable. Within our Processing Solutions and Ancillary Services segment, the top three trade receivable balances represented 40%, 19%, and 12%, respectively, of total Processing Solutions and Ancillary Services net accounts receivable. We mitigate the associated credit risk by performing credit evaluations and monitoring the payment patterns of our customers. During the three months ended June 30, 2025, three customers accounted for approximately 27%, 13% and 11%, respectively, of the Company’s consolidated revenues. These customers contributed 36% of the revenue for high specification rigs, 3% for wireline services, and 11% for processing solutions and ancillary services. During the six months ended June 30, 2025, four customers accounted for approximately 28%, 13%, 11%, and 10%, respectively, of the Company’s consolidated revenues. These customers contributed 43% of the revenue for high specification rigs, 4% for wireline services, and 14% for processing solutions and ancillary services. As of June 30, 2025, approximately 61% of the net accounts receivable balance, in aggregate, was due from these customers.
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